Tax Law Rewrite

Introduction date

Likely introduction date: TBA

Summary

The Tax Law Rewrite, affecting the majority of direct tax legislation for individuals and businesses, has been underway since 1996. HM Revenue & Customs (HMRC) has consulted on the final two Bills:

• Corporation Tax Bill (the second of two dealing with corporation tax) will substantially complete the rewrite of the corporation tax code. It includes provisions about losses and gifts to charities, various reliefs such as group relief, distributions, particular types of companies and activities, avoidance, and definitions; and
• Taxation (International and Other Provisions) Bill includes provisions about double taxation relief, transfer pricing, advance pricing agreements and tax arbitrage.
  The Corporation Tax Bill and the Taxation (International and Other Provisions) Bill are currently at Committee stage (Commons).